Hagan votes to support small business

U.S. Senator Kay R. Hagan, a member of the Senate Small Business Committee, voted for a long-term extension of two successful programs that give small businesses opportunities to participate in federal research and development. In a key procedural vote, the Senate voted 84-12 to reauthorize the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, both under the Small Business Administration, for the next eight years. The programs are set to expire on May 31.
In 2009, North Carolina companies won a total of 94 SBIR/STTR awards totaling $55 million, a 43 percent increase over 2007.
“By extending these successful programs for an eight-year period, our North Carolina small business entrepreneurs will have the certainty they need to continue to produce innovative research, expand their companies and add jobs,” Hagan said. “Small businesses remain the key to our economic recovery in North Carolina, and I have long been an advocate for these programs that allow our smaller companies to participate in high-level research and the development of next generation technologies. Given today’s overwhelming bipartisan support for these programs, I look forward to quickly passing this bill in the Senate and getting it to the President’ desk as soon as possible.”
The SBIR program designates resources to increase the participation of small, innovative companies in federally funded research and development. Similarly, the STTR program provides federal funding for small firms to work jointly with non-profit research institutions, such as research and development centers, universities, university-affiliated hospitals, and other non-profits.